As one of the thirteen original colonies of the United States, the state motto of “virtue, liberty and independence” couldn’t be better suited for any other state than Pennsylvania. Nicknamed the Keystone State, Pennsylvania is ranked at #6 in the nation for its total gross state product and noted for being the home to eight Fortune 500 companies as well as hundreds of public schools, thousands of private schools, and several hundred colleges and universities.
Sitting at #27 on the Forbes best states for business list, entrepreneurs looking to incorporate in Pennsylvania will be happy to find that the quality of life is in the top ten bracket due to the caliber of education available and range of private and public companies headquartered in the state. (Some of which include U.S. Steel, Heinz, and Crayola, the latter of which has acquired the rights to a personal favorite company of mine, Silly Putty.)
However, Thumbtack.com gives PA a D+ in overall state friendliness, with a series of C’s and D’s for the ease of starting a business, regulations, and tax codes. The state also suffers from a high tax burden and is known for having the second highest corporate income tax rate in the United States, according to StateImpact.
Taxes aside, Pennsylvania still has plenty to offer in the banking and agriculture industries (especially if you specialize in mushrooms, apples, and chickens) so if you feel like it’s time to make a move to the East Coast and incorporate in Pennsylvania, keep these tips in mind.
- As stated on the Pennsylvania Department of State website, LLCs are required to file a Certificate of Organization with the Bureau of Corporations and Charitable Organizations along with a docketing statement. A street number must be used as the address and the limited liability name needs to be available to use.
- LLCs must also have a registered agent in place and LLCs that provide a professional service are required to file a Certificate of Annual Registration with the state. (Which needs to be filed with the annual registration fee on or before April 15th.)
- For corporations, the Articles of Incorporation must be filed with the purpose of the corporation stated, as well as following the same rules listed above for LLCs (street number for the address and corporation name available to use.) Director information is also required on the Articles of Incorporation and if no members are listed, there needs to be a statement included addressing the matter.
Do you have more questions about forming an LLC or incorporating in Pennsylvania? We’ve got answers! Give us a call at 1 (877) 692-6772 or leave a comment below!